To realize the complementary circuit on the GaN-on-Si platform, an investigation of p-channel heterostructure field-effect transistors (p-HFETs) is necessary. In this study, an analytical model for the estimation of the threshold voltage ( <formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"> <tex>$V_{TH}$</tex> </formula> ) for GaN-based p-HFETs was developed. In this model, the impact of polarization charges at different interfaces, the influence of interface charges at oxide/GaN interface, as well as the out-diffusion effect of Mg dopant in the p-GaN layer were all taken into consideration for systematic exploration. Herein, GaN-based p-HFETs were fabricated to verify the relationship between the <formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"> <tex>$V_{TH}$</tex> </formula> and the thickness of the GaN channel layer by using the proposed model. The <formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"> <tex>$V_{TH}$</tex> </formula> model was further confirmed through TCAD simulations. The influences of the thickness of oxide layer, Mg doping concentration in p-GaN layer, and the Al mole fraction of AlₓGa <formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"> <tex>$_{1-x}$</tex> </formula> N layer on <formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"> <tex>$V_{TH}$</tex> </formula> were also discussed in detail. The model serves as more accurate guidance for the optimization of such p-HFETs design and complementary circuits.